ZIM Integrated Shipping Services Ltd. (ZIM) has released its financial report for the first quarter ending 31 March, disclosing revenues of $1.56 billion.
The figure is up 14 per cent from the previous year.
The company reported a net income of $92 million for the quarter, a significant improvement compared to a net loss of $58 million during the same period in 2023.
Adjusted EBITDA for the quarter reached $427 million, marking a 14 per cent increase year-over-year. Operating income (EBIT) rose to $167 million from a loss of $14 million in the first quarter of 2023.
ZIM carried volume increased by 10 per cent to 846,000 TEU, with an average freight rate per TEU rising by 4 per cent to $1,452.
Eli Glickman, ZIM President and CEO, said: “We are pleased with the current positive momentum in our business. ZIM’s solid first-quarter results illustrate the incremental benefits from our strategic transformation and the outstanding execution of the ZIM team worldwide, as well as a significant improvement in global freight rates.
“Given the recently improved freight rate environment currently impacting more trades, we have increased our full-year 2024 guidance and today forecast full-year Adjusted EBITDA between $1.15 billion and $1.55 billion and Adjusted EBIT between zero and $400 million.
“Looking ahead, we now expect freight rates to remain stronger for longer than initially anticipated due to a combination of continued pressure on supply and availability of equipment and a recent uptick in demand. While the rate environment during the latter part of 2024 remains unknown, we are confident in ZIM’s strategic positioning as an agile container shipping player with a competitive cost- and fuel-efficient, modern fleet.”
In February, Port Houston announced the arrival of ZIM’s new service, Gulf Toucan, at the Barbours Cut Container Terminal.